有色金属周报 20260208：情绪趋稳，商品价格筑底

Investment Rating - The report maintains a "Buy" rating for all key companies listed, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt, among others [2][3]. Core Views - The report indicates that the sentiment in the non-ferrous metals sector is stabilizing, with commodity prices forming a bottom [1]. - Industrial metal prices are experiencing fluctuations due to seasonal supply excess and macroeconomic factors, while energy metals like cobalt and nickel are expected to see price increases due to supply constraints [7][21][41][59]. - Precious metals are undergoing a significant price correction, but long-term support remains strong due to central bank purchases and geopolitical uncertainties [7][75]. Summary by Sections Industry and Stock Performance - The report highlights a decline in major indices, with the SW Non-ferrous Index dropping by 4.68% during the week [7]. - Key companies are recommended based on their earnings forecasts and valuations, with all listed companies receiving a "Buy" rating [2]. Base Metals - Aluminum: Prices have stabilized after a period of volatility, with LME aluminum prices at $3,110 per ton, down 0.81% week-on-week [13][21]. - Copper: The price remains under pressure due to macroeconomic factors, with a current price of $13,060 per ton, down 0.08% [13][41]. - Zinc: Prices are fluctuating, with LME zinc at $3,287.5 per ton, down 2.45% [13][47]. - Lead and Tin: Lead prices are under pressure, currently at $1,948.5 per ton, while tin prices are experiencing a downward trend due to seasonal demand [58][59]. Precious Metals and Minor Metals - Gold and Silver: Gold prices are at 1,110.73 CNY per gram, down 0.34%, while silver is at 25,465 CNY per kilogram, down 9.98% [75]. - Cobalt: The market is facing supply constraints, with prices expected to rise due to ongoing shortages [89]. Rare Earths - The report does not provide specific updates on rare earths but indicates ongoing interest in the sector due to its strategic importance [9].